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For small businesses, success often starts with working alongside a trusted, top-ranked financing partner, one we are proud to be for businesses across our region.
Imagine a small business looking to grow, maybe buying a building, upgrading equipment, or expanding operations. Access to affordable, long-term financing can make all the difference. That’s where the U.S. Small Business Administration (SBA) 504 Loan Program comes in, and the Toledo-Lucas County Port Authority plays a key role as an administrator of this program.
How does the Port Authority ensure these loans are managed safely and effectively? That’s where regular monitoring comes in. The SBA reviews and evaluates the financial health and stability of all Community Development Corporations (CDCs) that administer the 504 program. Each quarter, CDCs are assessed using the SMART system, Solvency, Management, Asset Quality, Regulatory Compliance, and Technical Issues, along with a Lender Risk Rating (LRR).
Within the five SMART categories, 12 benchmarks measure performance and risk. Scores range from 12 (the best, lowest risk) to 47. As of December 31, 2025, the Northwest Ohio Development Assistance Corporation (NODAC), the Port’s CDC, earned a SMART score of 14—ranking #1 in its 38 CDC peer group and in the top three nationwide out of 204 CDCs. Its LRR of 1 indicates the lowest risk and strongest operational health.
These results reflect NODAC’s strong management, effective board governance, knowledgeable lending partners, sound credit standards, and consistent servicing practices. In other words, businesses working with the Port and NODAC can trust that their SBA 504 project will be handled responsibly and efficiently.
“The Northwest Ohio Development Assistance Corporation (NODAC), through the Port Authority, is a proven leader in delivering SBA 504 loans and supporting long-term small business success throughout Northwest Ohio,” said SBA Ohio District Director Terry Bolden. “NODAC’s knowledge and expertise have made a meaningful impact to the community and entrepreneurs seeking capital to grow their business.”
The SBA 504 Loan Program provides long-term, fixed-rate financing for fixed assets like real estate purchases, construction or improvements, and non-rolling stock equipment. It supports most for-profit businesses, including start-ups, that demonstrate the project will create or retain jobs in the region. This program can also incorporate refinancing.
Benefits of the program include:
- Maximum loans of $5 million, or up to $5.5 million for manufacturers
- Flexible terms of 10, 20, or 25 years
- Current fixed interest rates under 6.3%
For businesses owned more than 33% by veterans, active-duty military, or their spouses, NODAC provides additional benefits through the 504 Loan VetLoan Advantage Program:
- Waived $500 application fee
- $500 off the CDC’s closing fees
- Discounted effective interest rate
For more information on the SBA 504 Loan Program, please click here, or contact Jason Bartschy, Loan Programs Manager, at jbartschy@toledoport.org or 419.214.4193.
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